Common use of Notice and Additional Rights and Limitations Clause in Contracts

Notice and Additional Rights and Limitations. (a) If Bank fails to give prompt notice of any claim being made or any suit or action being commenced in respect of which indemnification under this Section 7.03 may be sought, such failure shall not limit the liability of Servicer; provided, however, that this provision shall not be deemed to limit Servicer’s rights to recover from Bank for any loss, cost or expense which it can establish resulted from such failure to give prompt notice. (b) This Section 7.03 shall govern the obligations of the Parties with respect to the subject matter hereof but shall not be deemed to limit the rights that either Party might otherwise have at law or in equity. (c) Notwithstanding anything to the contrary in this Agreement, no Party shall be liable to the other for punitive or exemplary damages relating to or arising out of this Agreement, any breach hereof or any of the transactions provided for therein, unless Bank shall have become liable to a third party for such amounts.

Notice and Additional Rights and Limitations. (a) If Bank an Indemnified Party fails to give prompt notice of any claim being made or any suit or action being commenced in respect of which indemnification under this Section 7.03 Article XVIII may be sought, such failure shall not limit the liability of Servicerthe Indemnifying Party; provided, however, that this provision shall not be deemed to limit Servicerthe Indemnifying Party’s rights to recover from Bank the Indemnified Party for any loss, cost or expense which it can establish resulted from such failure to give prompt notice. (b) This Section 7.03 Article XVIII shall govern the obligations of the Parties with respect to the subject matter hereof but shall not be deemed to limit the rights that either Party might otherwise have at law or in equity. (c) Notwithstanding anything to the contrary in this Agreement, no Party shall be liable to the other for punitive or exemplary damages relating to or arising out of this Agreement, any breach hereof or any of the transactions provided for therein, unless Bank the Indemnified Party shall have become liable to a third party for such amounts.

Notice and Additional Rights and Limitations. (a) If Bank an Indemnified Party fails to give prompt notice of any claim being made or any suit or action being commenced in respect of which indemnification under this Section 7.03 Article XVIII may be sought, such failure shall not limit the liability of Servicer; provided, however, that this provision shall the Indemnifying Party to the extent the Indemnifying Party's ability to defend the matter was not be deemed to limit Servicer’s rights to recover from Bank for any loss, cost or expense which it can establish resulted from materially prejudiced by such failure to give prompt notice. (b) This Section 7.03 Article XVIII shall govern the obligations of the Parties with respect to the subject matter hereof but shall not be deemed to limit the rights that either Party might otherwise have at law or in equity. (c) Notwithstanding anything to the contrary in this Agreement, no Party shall be liable to the other for punitive or exemplary damages relating to or arising out of this Agreement, Agreement or any breach hereof or any of the transactions provided for therein, unless Bank the Indemnified Party shall have become liable to a third party for such amountspunitive or exemplary damages, in which case the Indemnifying Party shall be liable, subject to and in accordance with the terms of this Article XVIII for reimbursement of the amounts so paid to such third party.